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New Life for Sierra Rutile with PRM


Immediately news broke out of the proposed takeover of Sierra Rutile Limited by PRM the share price rise by 34%. At the global financial market this is what happened when good takeovers are announced. The hike is normally generated from the goodwill and reputation built over the years by the proposed company.

PRM the investment arm of Gerald Group, a US company with over 60years track record made a $40m takeover of the remaining shares being offered on the Australian Stock Exchange.
PRM already have 11.46% interest and voting right in the mineral sand mining company that was originally founded in 1971 my US based steel company Armco and Nord Resources.

Prior to PRM bid Sierra Rutile had suspended all mining and processing activities which will result in about 25% of staff mostly Sierra Leoneans losing their jobs. It is hope that this new takeover will not only save their jobs but brings renew hope to the future of the mineral sand mining company.



The mining landscape in Sierra Leone have had many challenges in the last decade which was down to the volatility of the commodity market and the inability to absorbed shock driven by the many global activities.

The takeover of Sierra Rutile Limited by PRM under the leadership of Craig Dean has been a welcome news by many in the mining and investment community both in and outside of Sierra Leone. His track record of running a successful trading company and the backing from Gerald Group the parent company cannot be over emphasised.

When he took over Marampa Mines Limited just over 3 years ago he focused on differentiation strategy. He secured and invested in the technology and personnel to produced a high grade Iron Ore product referred to as Marampa Blue from Lunsar. This product is amongst the best and highest grade in the world therefore showcasing Sierra Leone as hub for quality Iron Ore.

The level of investment Gerald Group had made to date at the Marampa Mines Limited is in excess of $300m all from equity.
Only serious investor with vested interest and trust for the people of Sierra Leone can convince his Board to approve such amount.

His track record in Sierra Leone in the last three years includes payment of over $40m to date to the Government of Sierra Leone through royalties, PAYE etc.
A record setting CDA payment.
Over 2000 jobs created whilst pushing government agenda in having over 30% of the workforce being women.

Having credible takeovers from companies like Gerald Group will only increase investor’s confidence and attract Foreign Direct Investment from similar players that will benefit Sierra Leone.

With their track record and every indication this takeover by PRM, there is hope for the future of Sierra Rutile Limited.



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Bank of Sierra Leone Launches Innovative Agricultural Credit Scheme


Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, has introduced an innovative Agricultural Credit Scheme. This program aims to extend vital financial assistance to credible entrepreneurs within the agricultural sector, facilitating their efforts to expand production and bolster economic progress.

Through the Agricultural Credit Scheme, eligible entrepreneurs will have the opportunity to secure loans of up to $100,000, a substantial sum capable of fostering significant growth and innovation within the agricultural domain. One distinguishing feature of this scheme is its remarkably low-interest rate of 10%, contrasting sharply with the historically burdensome rates that have hindered agribusiness growth in the region, often surpassing 30%.

The decision to launch this proactive initiative underscores the Bank of Sierra Leone’s dedication to nurturing an enabling environment for agricultural advancement and economic diversification. By providing accessible credit to entrepreneurs with viable agricultural enterprises, the scheme aims to tackle persistent financing barriers that have stifled the sector’s potential.



Dr. Ibrahim Stevens, in elucidating the rationale behind the Agricultural Credit Scheme, emphasized agriculture’s pivotal role in propelling socio-economic advancement and alleviating poverty in Sierra Leone. He highlighted the necessity for innovative financial tools tailored to the unique requirements of agribusinesses, acknowledging their capacity to foster employment, enhance food security, and invigorate rural development.

The unveiling of the Agricultural Credit Scheme has been met with enthusiasm from diverse stakeholders, including farmers, agribusiness proprietors, and policymakers. Many perceive this initiative as a transformative endeavor capable of unlocking Sierra Leone’s agricultural sector’s untapped potential, positioning it as a primary catalyst for sustainable economic growth and prosperity.

As the scheme is implemented, focus will shift towards evaluating its execution and influence, with stakeholders eagerly anticipating the transformative impacts it is poised to deliver across Sierra Leone’s agricultural landscape.



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Sierra Rutile Holdings Limited Suspend Its Area 1 Operations, Commence Redundancy Program


The Sierra Rutile Holdings Limited has announced suspension of its Area 1 operations and commenced redundancy Program.

The company confirmed that further to its announcement dated 29th February 2024 about the 2023 annual financial report has now suspended all mining and processing activities at its Area 1 operations and will commence a process of engagement with the Government of Sierra Leone and staff that will result in approximately 25% of staff, including expatriates being issued with redundancy notices by the end of March 2024.

The action, according to the company is said to be a prompt response to both ongoing weak market conditions and uncertainty regarding the fiscal regime applicable to Area 1 operations.



However, the company is optimistic that the suspension of operations will be brief, and an agreement will be reached with the Government of Sierra Leone on an appropriate fiscal regime that would again support production alongside supportive Rutile market conditions.

Should this not be achieved in the coming weeks, the company will need to consider the full closure of mining operations at Area 1 which will impact the great majority of the remaining workforce as well as potentially, a large number of personnel employed by various contractors.

The company will for the main time continue to monetise its finished goods inventories in the ordinary course of business and will use these funds to fund statutory termination benefits to members of the workforce that are made redundant.

Sierra Rutile Holdings Limited continues to advance the definitive feasibility study for the Sebehun project, results of which are expected to be announced in April 2024.

In the event that Area 1 operations move to full closure, the Company may look to undertake a strategic review of its Sebehun project with the objective of maximising value for the benefit of all Sierra Rutile Stakeholders.

Sierra Rutile Holdings Limited (SRX) is a Multi – Mineral Sands Operation straddling the Bonthe and Moyamba Districts in Southern Sierra Leone with over 2000 employees, representing one of the largest private employers in Sierra Leone.

The Company also holds ownership of rutile deposits, the Sebehun project.





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betPawa Officially Launches in Sierra Leone


betPawa emphasised its ambition to help make betting friendly at an event announcing its arrival in Sierra Leone, marking the 12th country the brand is entering in Africa.

Representatives greeted members of the press and public at Lor Restaurant in Freetown on Wednesday March 6. Speakers included Mchezo Managing Director Ntoudi Mouyelo, betPawa Chief Brand Officer Spencer Okach and Sierra Leone Franchisee Thomas Nsongka (LionBets & Fastwins Ltd).

In addition to expressing their excitement at being welcomed to the Sierra Leone scene, they discussed betPawa’s customer focus and determination to champion responsible gambling.



Mr. Mouyelo said: “We’re thrilled to be live in Sierra Leone and appreciate the warm welcome. Everything we do is driven by our mission to make betting friendly, and we relish the opportunity to win the trust of sports fans and casino players throughout the country as we have in 11 other African countries.”

Mchezo Managing Director Ntoudi Mouyelo during the launch of betPawa Sierra Leone that was held at the Lor Restaurant. Mchezo is the owner of the betPawa betting brand.

Mchezo Managing Director Ntoudi Mouyelo during the launch of betPawa Sierra Leone that was held at the Lor Restaurant. Mchezo is the owner of the betPawa betting brand.

Attending the event on behalf of the government, Minister of Youth Affairs Mohamed Bangura said: “Sierra Leone warmly welcomes betPawa to our nation, and we look forward to collaborating with a compliant and responsible gaming brand that will not only spur economic growth but also support the development of sports in our country.”

He added: “betPawa’s presence in Sierra Leone aligns with our government’s commitment to job creation. We anticipate that this partnership will contribute significantly to our goal of generating 100,000 jobs, further empowering our youth and fostering economic prosperity.”

betPawa has demonstrated its commitment to corporate social responsibility across Africa through various initiatives, including sport development, sponsorship and healthcare. As it expands into Sierra Leone, it pledges to continue these efforts and potentially broaden their impact even further, promising to contribute positively to the local community.

Mr. Nsongka said: “Today we launch a friendly, entertaining and customer-focused gaming brand. As a representative of the brand locally, I assure you of our unwavering commitment to compliance with all regulatory requirements, as is required of a responsible corporate citizenry.”

Lionbets Director Winifred Boyah during the launch event. Lionbets is the franchise holder for the betPawa brand in Sierra Leone.

Lionbets Director Winifred Boyah during the launch event. Lionbets is the franchise holder for the betPawa brand in Sierra Leone.

Key pillars of betPawa’s mission to make betting friendly include 24/7 customer support, instant payouts, low stakes and the prospect of life-changing wins with a 1000% Win Bonus. This is underpinned by partnerships with proven mobile money payment operators like Orange.

The brand attracted headlines throughout Africa last October when 27,938 customers became millionaires within 10 days. Between the 21st and 30th, Le1.52 Trillion was paid out in total.

About betPawa

betPawa is a mobile sports betting brand owned by Mchezo Limited. It operates across 12 countries in Africa, with over 10 million users. betPawa is on a mission to make betting friendly by providing 24-hour customer support, a user-friendly platform, the lowest minimum stakes and guaranteed & instant payments.

About LionBets & Fastwins Ltd

LionBet & Fastwins Ltd is a leading betting and gaming company with a presence spanning multiple countries such as Sierra Leone, Cameroon, Guinea, Angola, Gambia, Senegal, and Ivory Coast. We specialize in collaborating with premier betting brands to deliver exceptional gaming experiences to our esteemed clientele. Our dedicated team, fueled by industry expertise and a drive for innovation, ensures the provision of top-tier services and products to meet the diverse needs of our customers.

Committed to fostering the growth and prosperity of the betting industry in West Africa, LionBet & Fastwins Ltd achieves this through strategic partnerships and unmatched service delivery, solidifying our position as a market leader. Operating under the regulatory oversight of the National Tourism Authority in Sierra Leone, we uphold the highest standards of integrity and professionalism to create a secure and enjoyable betting environment for all.



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Sierra Leone Welcomes BetPawa to The Scene


Betpawa – an African gaming brand is now available in Sierra Leone. Betpawa has come on board with a packed sportsbook offering great odds on all the major football leagues, tennis and basketball matches.

BetPawa’s tagline is bet small, win BIG because you can stake as little as Le0.01 and get a Win Bonus on all bets with three eligible legs or more, up to 1000% for bets on 60.

The brand’s entry into Sierra Leone comes after a notable series of record wins for its customers. In October 2023, betPawa players recorded a historic series of winnings, amassing a staggering Le1.52 Trillion in earnings during a 10-day spell.



The remarkable trend that was witnessed at the time unfolded between Saturday October 21st and Monday October 30th with 27,938 customers having been elevated to millionaire status during the winnings surge.

“Just as we promptly paid out all our customers during the 10-day winning spell in October last year, we assure our customers in Sierra Leone of guaranteed and instant payouts. They can also reach out to us any time through our 24-hour customer support service,” said the betting brand in a statement.

The betting brand is also known across Africa for its sports and community sponsorship projects which include the Locker Room Bonus.

This is a first-of-a-kind reward initiative paid out to football and basketball players for every match their team wins in select leagues across the continent such as the Futsal League in Uganda and Ghana Football League for instance.

It is an incentive paid out to the players through their mobile money wallets as soon as the match they win ends and before they leave the Locker Room, hence its name. A reminder of betPawa’s commitment to instant payouts.

About betPawa:

BetPawa is a mobile sports betting brand owned by Mchezo Limited. It operates across 12 countries in Africa, with over 10 million users. betPawa is on a mission to make betting friendly by providing 24-hour customer support, a user-friendly platform, the lowest minimum stakes and guaranteed & instant payments.



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Bank of Sierra Leone Affirms ‘NLe’ as Abbreviation For New Leones


The Bank Governor of Sierra Leone, Dr. Ibrahim Stevens has announced “NLe” as the official abbreviation for the country’s re-dominated currency. 

This announcement comes after months of debate following the 2022 re-denomination of the Leone. While the currency itself continues to bear the abbreviation “Le.”, questions arose about how to represent the new, higher-value version. Both “NLe” and “Le” gained traction, leading to uncertainty.

Speaking at the government’s press conference on Tuesday, Stevens declared “NLe” as the official abbreviation for local use, while acknowledging “SLE” as the international code for transactions outside the country.



Dr. Stevens clarified that the government intends to retain “Le” on the notes for historical purposes, emphasizing its cultural significance. However, to avoid confusion in international transactions, “SLE” will serve as the official code for international bodies and markets.

The introduction of “NLe” specifically for local use aims to distinguish the new currency from its predecessor and prevent ambiguity within the domestic financial system.

 “The correct abbreviation for the new currency is NLe, The international code is SLe, to be used for only international transactions.”

“The abbreviation ‘Le.’ still stands on our money’. Government is seeking an amendment of the Bank Act to retain the ‘Le’ for historical purposes and approve the ‘NLe’ for the new currency.” the Bank Governor said.



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Sierra Leone Brewery Debunks Misleading Social Media Post on Job Vacancies


Sierra Leone Brewery Limited (SLBL) has issued a public statement on February 16th, 2024, to counter recent misinformation spreading across social media platforms. The statement refutes claims of job vacancies coupled with free accommodation, emphasizing that the circulating post is entirely false and holds no affiliation with SLBL.

The misleading post, which has gained traction on various social media platforms, falsely promotes job openings at SLBL, promising free accommodation. SLBL categorically denies any association with such claims, asserting that current job vacancies do not include complimentary accommodation packages as indicated in the viral post.

SLBL asserts that authentic job vacancies and related announcements are exclusively disseminated through the company’s official channels and platforms, such as the official SLBL website and verified Facebook page. Any recruitment process initiated outside of these official channels is deemed fraudulent and should be approached with skepticism.



Transparency and integrity are fundamental to SLBL’s operations, particularly in its recruitment practices. The company is committed to upholding these principles and ensuring that all prospective employees have access to accurate and reliable information regarding job opportunities. SLBL emphasizes the importance of individuals exercising caution and discernment when seeking employment with the company, urging them to rely solely on information provided through official channels.

In response to the deceptive social media post, SLBL calls upon the cooperation of the general public in combating misinformation. The company encourages individuals to promptly report any suspicious or misleading information pertaining to job vacancies at SLBL. By working together to identify and address false claims, SLBL aims to safeguard the interests of both job seekers and the integrity of its recruitment processes.

This proactive response underscores SLBL’s commitment to maintaining transparency, authenticity, and trustworthiness in all aspects of its operations. By swiftly addressing misinformation and clarifying the facts, SLBL reaffirms its dedication to fostering a fair and equitable recruitment environment for all prospective employees.

As the public remains vigilant against deceptive practices, SLBL stands firm in its commitment to providing genuine employment opportunities while safeguarding individuals from fraudulent schemes. With the continued support and cooperation of the community, SLBL remains steadfast in its mission to uphold the highest standards of professionalism and integrity in the brewing industry.



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GTBank Sierra Leone Celebrates Staff on Valentine’s Day With ‘Boku Boku’ Love


On February 14th, 2024, Guaranty Trust Bank (GTB) Sierra Leone painted its Offices orange with a vibrant celebration of Valentine’s Day, themed “Boku Boku Love.” The festivities climaxed with a grand finale at the Head Office in Freetown, marking a day filled with camaraderie, appreciation, and joy among staff members.

The anticipation for the event began a week prior, as employees were encouraged to add a touch of orange to their attire, symbolizing the “Orange love” they share for one another. But the celebration didn’t stop there; GTBank Sierra Leone went above and beyond to make this Valentine’s Day truly special for its staff.

Leading up to February 14th, branches were organized into batches, with each batch participating in a unique Valentine’s Day activity. Staff members from each branch had the opportunity to randomly select a colleague’s name, who would then become their designated Valentine for the occasion. This initiative fostered a sense of connection and camaraderie among coworkers, as they became “Valentine couples” for the duration of the celebration.



Throughout the week, these Valentine couples were encouraged to indulge in acts of kindness and appreciation, whether it be treating each other to lunch or exchanging flowers as tokens of affection. Additionally, each branch came together to select their “best couple,” who would represent them in the bank wide “best couple” competition.

The highlight of the celebration was the exchange of Valentine’s gifts during a grand finale and town hall meeting at the Bank’s Head Office. Staff members exchanged heartfelt tokens of appreciation, spreading love and positivity throughout the organization.

In addition to the Valentine’s Day festivities, GTBank Sierra Leone also took the opportunity to recognize the dedication and commitment of its long-serving staff members. Certificates for Long Service Awards were presented, honoring individuals for their years of service and contribution to the bank’s success.

Sharing his thoughts during the occasion, the Bank CEO/Managing Director, Mr. Ade Adebiyi touted the Bank for its commitment to employee empowerment. He noted that GTBank continues to empower employees by building a conducive environment for fun, creativity and innovation. “As we continue to serve our customers with the best financial service in Sierra Leone, it is necessary to recognize our staff who have excelled in our various pillars of focus. That is why we encourage each staff to give off their best by being an employer of choice” he said.

Speaking to Sierraloaded, Clifford Turay, a staff of the bank expressed gratitude and appreciation for the management’s efforts in organizing such a memorable celebration. He shared his happiness and expressed desire for this tradition of love and appreciation to continue for years to come.



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Trader’s Council of Sierra Leone Welcomes Deputy Minister of Trade And Industry as Member


The Trader’s Council of Sierra Leone has extended its membership to the Deputy Minister of Trade and Industry, Fatmata Kargbo as an active member.

In a statement released by the Trade Council, it highlighted the proactive initiatives undertaken by the Ministry under the leadership of Minister Alpha Sesay, who has been instrumental in supporting traders and various sectors for national development and sustainable growth. It is on this premise that the Council extended membership to the Deputy Minister, aiming to collaborate closely in monitoring and providing advice where necessary.

Expressing her gratitude for the gesture, Deputy Minister Kargbo lauded the Council’s recognition of the Ministry’s efforts in line with President Bio’s agenda of effective governance and citizen-centered policies. She emphasized the President’s commitment to action, evident in efforts to uplift the nation.



Highlighting the importance of unity and collective support for the President’s vision, Kargbo underscored the Ministry’s dedication to realizing sustainable development goals and fostering inclusive growth.

She reiterated the Ministry’s commitment to engaging stakeholders in decision-making processes, emphasizing regular consultations with traders and an inclusive approach to policy implementation.

Assuring the traders of the Ministry’s alignment with the President’s transformative agenda, Kargbo emphasized ongoing efforts in human capital development and women’s empowerment, particularly in collaboration with First Lady Fatima Bio.

Regarding policy initiatives, Kargbo disclosed ongoing discussions on the review of wholesale and retail policies aimed at optimizing support for traders and enhancing the sales of goods and services nationwide.

She also mentioned ongoing discussions with the Trader’s Council executive regarding the Sewa Ground Market and the Ministry’s plans to construct high-quality markets in additional locations to better serve traders.

The Deputy Minister concluded by reaffirming the Ministry’s commitment to collaborative efforts with the Trader’s Council in realizing President Bio’s vision for a prosperous Sierra Leone.



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Government of Sierra Leone Revokes Temporary Tax Incentives Granted to Sierra Rutile


The Sierra Leone government has revoked a generous tax break for mining company Sierra Rutile Limited (SRL), citing the company’s improved financial performance as a breach of good faith.

In a letter addressed to SRL and made available to Sierraloaded, Finance Minister Shęku A.F. Bangura announced the government’s decision to revert to the original 2001 agreement’s fiscal regime, effective July 1st, 2023. This move cancels the temporary tax base reset incentives granted in August 2021 to help SRL recover from financial difficulties.

The minister justified the action by highlighting SRL’s “increasingly growing reported revenues and Net Profit After Tax of over $75 million in each of the last two years.” He argued that this success, driven by increased production and rutile prices, contradicted the justification for the tax break and deprived the government of much-needed tax revenue.



Bangura emphasized that the initial tax incentives were offered “in good faith” to ensure SRL’s survival after it threatened to suspend operations in 2021. However, he expressed disappointment that SRL failed to inform the government about its improved financial situation.

“This is completely unfair to the Government and people of Sierra Leone,” Bangura stated, pointing out the missed opportunity to use the withheld tax revenue for development programs.

The letter instructs the National Revenue Authority to collaborate with SRL to determine the revised tax obligations under the original agreement. It concludes by urging SRL to “show responsible business practice” and accept the decision.



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